www.iva.co.uk

Hi all,

I am after some advise on my current situation. This week I have been offered/given a promotion at work. It’s a pretty large salary increase however is further from home so travel costs are inflated.

The complicated part is, my Wife receives universal credit (£800 a month) so that coupled with my currently salary we have an income of £3000 a month into the household. This is the figure that was used when calculating my IVA.

With my promotion it will put us over the limit to receive universal credit. So she will now receive £0 per month but my new income will be £3000 per month (so the same as in my old role).

My question is, do I need to tell my IP? At what point do I tell them? And are they likely to change my payments? In theory my disposable income will actually be less due to more travel expenses.

Any help appreciated.

I always say to tell your IP everything -- let them filter out what they need to know and what they don't --- that way neither of you get any nasty surprises.

Your IVA payment will increase by 50% of the net increase in income --- the UC element depends on how your disposable income was calculated in the first place : In most cases the payment is based on your income alone and the partners income is only required so that the IP can work out the fair shares of expenses --- However, a few firms do take the full household income into the IVA (meaning the solvent partner is, effectively, paying towards the insolvent partner's debt).

Hey!

Yes as you have said they took into account the full household amount to work out my income (Bit complicated but my salary + UC = £3k a month and on the months i earn bonus we get £0 UC. So the monthly income is still £3k.) So they used this figure to calculate my income & expenditure.

I have emailed Bennet Jones with all of the details but i am yet to hear back from them.

Thanks for your help.